Some of the established companies in the cryptocurrency space are trying to shake things up a bit. ShapeShift, a popular instant-trading solution, is now introducing a service without charging fees to customers.
The main objective of cryptocurrencies is for its users to exchange value freely and without it costing them an arm and a leg.
A Different type of Token by ShapeShift
When using centralized services, or even decentralized solutions owned by companies, that is often not possible.
There will always be some extra fees or surcharges involved in this process.
ShapeShift aimed to make self-custody of cryptos enjoyable.
They also allow users to trade between supported currencies on the fly, although there is a small fee associated with doing so.
That situation is now coming to change following the company’s zero-commission trading venture.
Users will only be able to benefit from this service by using the FOX token, however.
Users with a verified signup will receive 100 FOX tokens at no additional costs.
Interestingly enough, these tokens do not need to be spent to trade for free through ShapeShift.
The new ERC20 token is designed to be held by the users at all times.
One hundred FOX tokens grant users $1,000 in monthly trading volume without extra fees.
It is rather uncommon for companies to introduce tokens that don’t have to be spend in any way to be useful.
It also seems this token will not be traded on any exchanges at this time.
This new venture aims to instill a “hold’ attitude among more cryptocurrency enthusiasts, by the look of things.